A recent study from Zeqr, a freelance and knowledge sharing platform, found that out of the estimated £60 billion spent on professional services each year, £12.6 billion is wasted on unnecessary or poor advice.
Dr David Fraser, the co-author of the report said, “Smaller organisations should not be attempting to source all the expertise they need internally. That’s not affordable – but nor is the kind of exorbitant fee larger consultancies typically want to charge, often for recycled material not really tailored to the true needs of the client.”
He added, “There’s definitely a need for an efficient way for businesses to access diverse external expertise in an only-buy-what-you-need fashion and, of course, the best external experts will always put the client’s needs ahead of their own business goals. Buyers should look for quality and experts who truly understand their issue.”
The report goes on to say that 49% of small businesses avoid hiring external professional services because of over-inflated cost, while 39% were sceptical about their level of expertise.
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